When we bought our first house we realized there is a lot of things that go into the cost of a house besides the price and interest. It took a while to wrap my head around it.

The website SmartAsset.com just released their fourth annual study of the most affordable cities in America. These communities are ranked on an Affordability Index weighing property taxes, homeowners’ insurance fees and mortgage payments relative to income.

When all of these factors were combined to break down the most affordable city in South Dakota the winner of that prize is Harrisburg.

Rank City Avg. Closing Costs Annual Property Tax Annual Homeowner's Insurance Avg. Annual Mortgage Payment Median Income Affordability Index
1 Harrisburg, SD $2,545 $2,666 $1,325 $7,989 $77,151 43.19
2 Rapid Valley, SD $2,285 $2,037 $1,160 $6,992 $63,130 41.32
3 Huron, SD $2,570 $1,786 $764 $4,604 $44,941 40.79
4 Madison, SD $2,229 $1,800 $847 $5,105 $47,579 40.36
5 Brandon, SD $2,599 $2,978 $1,407 $8,485 $75,424 39.06
6 Belle Fourche, SD $2,260 $1,871 $894 $5,388 $41,346 32.79
7 Pierre, SD $2,508 $2,368 $1,268 $7,646 $54,868 31.67
8 Sioux Falls, SD $2,490 $2,432 $1,242 $7,488 $54,110 31.55
9 Mitchell, SD $2,333 $1,962 $1,004 $6,055 $43,983 31.51
10 Aberdeen, SD $2,383 $2,125 $1,079 $6,505 $46,330 30.85

The most affordable city in America nationwide was Pecos, Texas, followed by Kermit, Texas and Federal Heights, Colorado.

Montevideo had the top spot in Minnesota. Oelwein was tops in Iowa and Alliance was most affordable in Nebraska.


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